U.S. West Texas Intermediate crude fell 57 cents, or 0.9%, to $65.64 a barrel.
Oil prices dipped on Thursday, as concern about demand in India and the potential for a rise in Iranian supplies offset optimism over the U.S and European summer driving season.
Brent fell 60 cents, or 0.9%, to $68.27 a barrel by 1121 GMT. U.S. West Texas Intermediate crude fell 57 cents, or 0.9%, to $65.64 a barrel.
“Despite supportive inventory data from the United States on Wednesday, crude oil remains stuck in a sideways environment with Brent trading between $65 to $70 per barrel,” said UBS oil analyst Giovanni Staunovo.
U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said, as a gradual lifting of coronavirus restrictions boosted road fuel demand.
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ENGINE: East of Suez Bunker Fuel Availability Outlook
Lead times for HSFO380 stems are shorter in Singapore and longer in Zhoushan this week, while VLSFO availability has improved in Fujairah.
Lead times for HSFO380 stems have dropped to 10 days in Singapore, down from 12-15 days two weeks ago. The high sulphur fuel grade has become more available in the port amid lower demand, sources say.
VLSFO stems continue to require 6-8 days of lead time in Singapore. LSMGO lead times are also unchanged on the week at 4-5 days.
Singapore’s residual fuel oil stocks were drawn and slipped to 24.56 million bbls last week, Enterprise Singapore data showed. There is still considerably more fuel oil stored in the bunkering hub than in the first quarter of the year, following a big stockbuild in April.
Weekend driving in U S , China pave way for gasoline market recovery | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.